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  home >  NRI Schemes > FCNR Schemes
  (For Non-Resident Indians/Persons of Indian Origin)
  1. Deposits can be opened for periods ranging from 1 year to 5 years in any of the 9 designated currencies viz: US Dollar, Pound Sterling, EURO, Australian Dollar, Canadian Dollar, Japanese Yen , Swiss Franc, Danish Krone and Swedish Krone

  2. Deposits can be made by remittances from abroad or by funds held in existing NRE accounts.

  3. Accounts can be opened jointly with other Non-Resident Indians.

  4. No Exchange loss as interest and principal amounts are payable in the same currency in which it is deposited.

  5. Interest is compounded every half yearly.

  6. . Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.

  7. Nomination facility is available.

  Tax Benefits
  1. Interest earned on these accounts is free from income tax.

  2. Funds invested in NRE and FCNR accounts by Non-Residents are free from Wealth Tax.

 

 
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